Saudi Arabia’s Red Sea Global, the developer behind The Red Sea and Amaala, has secured $533m (SAR2bn) debt financing from Riyad Bank.
The financing will be used to support Red Sea Global’s joint venture with Kingdom Holding Company to develop the Four Seasons Resort at The Red Sea destination.
“The kingdom’s tourism potential is truly limitless and with our first two hotels now open, we are at the vanguard of putting Saudi Arabia on the global tourism map. This deal signifies the confidence of the private sector in the country, its people and in Red Sea Global,” said John Pagano, group CEO at Red Sea Global.
The Four Seasons Resort at The Red Sea destination, situated on Shura Island, is set to be an unparalleled luxury property offering 159 exquisite guest rooms.
Shura Island is part of the first phase of development, which will include 11 luxury, premium, and lifestyle hotels and resorts, residential units, a championship golf course, a 118-berth marina, and a comprehensive retail, dining, and entertainment complex.
“Red Sea Global has an incredible responsibility to be an enabler of the kingdom’s Vision 2030 and added to this, it set its incomparable ambitions to deliver development in a way that is responsible and regenerative,” said Nadir Sami Al-Koraya, CEO of Riyad Bank.
Upon full completion in 2030, the destination will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites.
The destination will also include luxury marinas, golf courses, entertainment, F&B, and leisure facilities.
Red Sea Global inches closer to Vision 2030
Meanwhile, Red Sea Global established 21 subsidiaries in 2023, bolstering its position as one of the fastest-growing organisations in Saudi Arabia and a key player in the delivery of Vision 2030.
The destination unveiled its third destination, Thuwal Private Retreat, in 2023 further expanding its growing portfolio of developments along the Red Sea coast.
The company also unveiled new experiential brands Akun, Galaxea and WAMA, which are playing a significant role in unlocking the region’s untouched landscapes, rich biodiversity, cultural heritage, and world-class hospitality offerings.
Last year, Red Sea Global welcomed its first guests and now two of its hotels are open. The Red Sea International Airport has been receiving a regular schedule of flights since September 2023.
Desert Rock and Shebara will welcome first guests later this year, while Shura Island is on track to welcome guests in 2025.
Six Senses Southern Dunes, The Red Sea, and St. Regis Red Sea Resort are already open and welcoming first guests, with Nujuma, a Ritz-Carlton Reserve, now preparing to welcome its first guests.